Real Estate Investing in Gary, Indiana (46404)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46404 (Gary, IN)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A balanced market — moderate cash flow and moderate appreciation. A "steady" investor profile fits best.
- High vacancy: 19.5% of homes vacant — above national norms.
- Elevated poverty: 26.1% poverty rate — can affect rent collection.
- Lower household income: $39,281 median — tenant affordability is tighter.
What’s happening in Gary, IN (46404)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 46404 Gary
In Gary's 46404 ZIP, the arithmetic favors hands-on owners. Median home values comes in at $97K, leaving spread for capex-heavy BRRRR or reposition strategies.
Value-add is the defining thesis in 46404. Homes trade near $97K, well below the state median, and rehabbed comps tend to clear meaningfully higher — a classic forced-equity setup.
Across IN, value-add opportunity tends to concentrate where housing stock is older and entry prices are below the state median. ZIP 46404 sits at both traits clearly.
The resident base in 46404 runs younger and more tenure-renter than county averages. 50% of 16,846 households lease, which is the demand source for post-rehab rent lifts.
Experienced operators with contractor networks find 46404 a strong candidate for. First-time flippers often underestimate scope, budget, and timeline, which is how deals here turn sour.
Here's what matters if you're considering buying a home in Gary:
Property Strategy for 46404
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $67,292 | $1,200 | 12.8% | +11.2% | $33,646 |
| 3BR | $94,632 | $1,470 | 11.2% | +10.4% | $31,544 |
| 4BR | $127,017 | $1,590 | 9.0% | +10.4% | $31,754 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 46404 Compare?
| Metric | 46404 | Gary | Indiana |
|---|---|---|---|
| Home Value | $97,431 | $45,190 | $248,442 |
| 5-Year CAGR | 7.7% | 6.0% | 7.7% |
| Avg Rent | $1,390 | $1,319 | - |
| Cap Rate | 11.1% | 12.3% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 46404 (Gary, IN). Anonymous, moderated, never written by AI.
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Property managers serving Lake County
Manage rentals here? List your business →Rose Real Estate offers property management and real estate services in Munster, Northwest Indiana, and Chicagoland areas, including residential, association, and commercial management. summary from their website
Caribou Property Management offers property management services. summary from their website
Great Oaks Realty and Property Management, LLC is a full-service real estate and property management company that helps with home buying, selling, and property management. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $97,431 |
| Monthly Rent | $1,390 |
| Price-to-Rent | 5.8:1 |
| 1% Rule | ✓ Passes |
💰 Return Metrics
| Gross Yield | 17.1% |
| Cap Rate | 11.1% |
| 5-Year IRR | 18.9% |
📈 Home Appreciation
| 1-Year | +14.2% ▲ |
| 3-Year CAGR | +7.3% ▲ |
| 5-Year CAGR | +7.7% ▲ |
| 10-Year CAGR | +12.5% ▲ |
🏠 Rent Trends
| 1-Year | +2.9% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The estimated cap rate (11.1%) exceeds the current 30-yr mortgage rate (6.8%). When borrowing costs less than a property yields, leverage can increase your cash-on-cash return above the cap rate.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 46404
Population: 16,846
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 46404
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Daniel Hale Williams Elem Sch
Frankie Woods McCullough Academy
21st Century Charter Sch of Gary
Calumet New Tech High School
Gary Lighthouse Charter School
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
Is house hacking profitable in Gary, IN?
The an attractive house-hack environment in Gary, IN reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
How does Gary, IN stack up for property investment?
The 5.0/5 investability rating in Gary, IN reflects its $97K prices and $1,390/mo rents. Investors generally consider it a solid option within IN.
Does the 1% rule work in Gary, IN?
Yes, many Gary, IN properties clear the 1% rule. The rent-to-price ratio averages 1.43%, supported by $1,390/mo rents.
Which real estate strategy fits Gary, IN?
Gary, IN investors pursuing value-add and BRRRR deals. The underlying economics ($97K prices, $1,390/mo rents) make it a reasonable choice.
Does BRRRR pencil out in Gary, IN?
BRRRR in Gary, IN is a strong. The interplay of $97K values and $1,390/mo rents creates reasonable refinance conditions.
You know 46404 now. You don’t know where it ranks.
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How 46404 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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